Other major cryptocurrencies saw a steep decline, too
Bitcoin plunged to below $10,000 on digital currency exchange Coinbase yesterday evening, along with several other major cryptocurrencies, such as Ethereum, which dropped 30% to below $1,000.
While Wall Street said there was no apparent reason for Bitcoin’s fall in stock price, breaking below $10,000 to $9969.01, it did follow comments from South Korean authorities regarding tougher regulation on digital currency trading.
Nevertheless, it only fell below the ‘psychological benchmark’ just briefly before it started to tick higher and above $10,000 again. At the time of writing, it was at $10,457.10
Bitcoin traders, and investors in other digital currencies, are still left with concerns as uncertainty looms around South Korea’s government’s attitude to cryptocurrencies, with the country being one of the largest crypto markets in the world. There’s fears that the country could block such trading altogether after finance minister Kim Dong-yeon said banning crypto trading was “a live option”.
The matter is currently being reviewed by the country’s government. Such a ban would require a majority vote from the country’s National Assembly, which the Evening Standard reports could take months or possibly years.